Median Revenue Is $13.0M, And Size Varies Fortyfold.
Start with the top line. Median revenue across the 43 institutions is $13.0M. 20 run under $10M a year, 13 between $10M and $40M and 10 above $40M, with a median of $3.5M in the first band against $143.0M in the last.
Median revenue by revenue band
Under $10M revenue
n = 20 · total revenue
$10M - $40M revenue
n = 13 · total revenue
$40M and above
n = 10 · total revenue
Show data tableRevenue by band
| Revenue band | Observations | 25th | Median | 75th |
|---|---|---|---|---|
| Under $10M revenue | 20 | $1.5M | $3.5M | $4.5M |
| $10M - $40M revenue | 13 | $13.0M | $16.0M | $20.0M |
| $40M and above | 10 | $69.0M | $143.0M | $292.0M |
| All proprietary institutions | 43 | $3.5M | $13.0M | $31.5M |
Two Schools With The Same Composite Score Can Be Running Different Businesses.
Every statement describes what the school teaches. Sorting the 43 by that gives 15 nursing and allied health schools, 8 cosmetology and barbering schools, 6 in skilled trades and technical programs, 6 degree-granting and multi-program colleges, and a handful of business-and-medical colleges, culinary schools and arts programs. Only the first two groups are large enough to publish on their own.
They are different businesses. The median nursing and allied health school takes in $16.0M; the median cosmetology school takes in $2.0M. Operating margin is 15% at the median health school and 2% at the median beauty school, and net income margin is 15.0% against 2.0%.
And the composite score is 2.3 at the median in both groups. The score does not see any of this.
| Line | Nursing and allied health schools (n = 15) | Cosmetology and barbering schools (n = 8) |
|---|---|---|
| Revenue, millions | $16.0Mn = 15 | $2.0Mn = 8 |
| Operating margin, % of revenue | 15.0%n = 15 | 2.0%n = 8 |
| Net income margin, % of revenue | 15.0%n = 15 | 2.0%n = 8 |
| Occupancy, % of revenue | 9.0%n = 15 | 9.0%n = 8 |
| ED composite score | 2.3n = 15 | 2.3n = 8 |
If you are a skilled trades, degree-granting, business, culinary or arts school, none of this excludes you. We ask which you are on the intake, benchmark you against your revenue band and your salary convention now, and against your own school type as the population grows. Marketing and recruitment is withheld for both groups above because the cells are too small to publish.
Show data tableSchool-type comparison quartiles
| Line | Nursing and allied health schools: 25th / median / 75th | Cosmetology and barbering schools: 25th / median / 75th |
|---|---|---|
| Revenue, millions | $9.0M / $16.0M / $79.0M | $1.0M / $2.0M / $4.0M |
| Operating margin, % of revenue | 3.0% – 27.0% | Not published |
| Net income margin, % of revenue | 5.0% – 25.0% | -1.0% – 8.0% |
| Occupancy, % of revenue | 7.0% – 11.0% | Not published |
| ED composite score | 1.8 / 2.3 / 3.0 | 1.5 / 2.3 / 2.5 |
Revenue Grew At 27 Of 40 Schools Last Year. Expenses Outgrew It At 14.
40 of the 43 institutions have a prior-year statement on file, so growth now covers the cohort rather than the comparative filers alone. Median revenue growth from FY2024 to FY2025 was 7.0%; median expense growth was 4.0%. Over two years, from FY2023, the median school grew revenue 11.5% against expense growth of 4.0% across the 30 schools with an FY2023 statement, and 13 of them grew revenue in both years.
Growth is measured within each filer's own statements — FY2025 against its FY2024 report, and FY2023 where that report is on file — so both years share one presentation. Split by revenue band, the year-over-year figures now publish; the two-year figures publish where a band clears the minimum cell size.
7.0%
median revenue growth
4.0%
median expense growth
27 of 40
grew revenue
14 of 40
saw expenses outgrow revenue
Median revenue and expense growth
Revenue growth
year over year
Expense growth
year over year
Show data tableGrowth by revenue band
| Measure | All | Under $10M revenue | $10M - $40M revenue | $40M and above |
|---|---|---|---|---|
| Revenue growth, year over year | 7.0% (n = 40) | 5.0% (n = 17) | 10.0% (n = 13) | 10.0% (n = 10) |
| Expense growth, year over year | 4.0% (n = 40) | 3.0% (n = 17) | 1.0% (n = 13) | 7.0% (n = 10) |
| Expense growth minus revenue growth | -4.0% (n = 40) | -4.0% (n = 17) | -4.0% (n = 13) | -2.0% (n = 10) |
| Marketing spend growth, year over year | 0.5% (n = 35) | -8.0% (n = 15) | -4.0% (n = 11) | — |
| Revenue growth, two years | 11.5% (n = 30) | 4.0% (n = 14) | 23.0% (n = 11) | — |
| Expense growth, two years | 4.0% (n = 30) | -2.0% (n = 14) | 8.0% (n = 11) | — |
— not published for this cell: fewer than 8 observations, under 60% of the band disclosing the line, or a comparability rule.
Operating Margin Runs From 0% Under $10M To 15% Above $40M.
Operating margin is income from operations as a share of revenue: what is left after every operating cost, before interest, other income and taxes. Because interest and taxes sit below it, it reads the same at a pass-through and a C corporation, which makes it the fairest single comparison across this cohort. 39 of the 43 statements show the line; for the others we take revenue less operating expenses.
The median is 0.0% under $10M, 10.0% in the $10M–$40M band and 15.0% above $40M. 8 of the 20 schools under $10M lost money from operations, against 3 of 13 in the middle band and none of 10 above $40M.
Median operating margin by revenue band
Under $10M revenue
n = 20 · income from operations over revenue
$10M - $40M revenue
n = 13 · income from operations over revenue
$40M and above
n = 10 · income from operations over revenue
6.5%
median operating margin, all institutions
8 of 20
schools under $10M lost money from operations
10.0%
median, $10M–$40M
15.0%
median, $40M and above
Show data tableOperating margin by revenue band
| Revenue band | Observations | 25th | Median | 75th |
|---|---|---|---|---|
| Under $10M revenue | 20 | -4.5% | 0.0% | 4.5% |
| $10M - $40M revenue | 13 | 6.0% | 10.0% | 28.0% |
| $40M and above | 10 | 11.0% | 15.0% | 20.0% |
Net income
Net income is the second figure: the bottom line after interest, other income and taxes. The median is 8.5% across the 42 schools that report it: 0.0% under $10M, 13.0% in the middle band and 17.0% above $40M. At most of these schools it sits close to operating margin because they are pass-through entities with no income tax line. Where the two part ways, it is usually interest, an unusual gain or a one-time credit.
Show data tableNet income margin by revenue band
| Revenue band | Observations | 25th | Median | 75th |
|---|---|---|---|---|
| Under $10M revenue | 19 | -4.0% | 0.0% | 6.0% |
| $10M - $40M revenue | 13 | 7.0% | 13.0% | 27.0% |
| $40M and above | 10 | 7.0% | 17.0% | 21.0% |
Every Line, As A Share Of Revenue, By Size.
The sections below tell the story line by line. This is the same data in the form an accountant reads it: a common-size income statement for the cohort, every published expense line as a percentage of revenue, by revenue band. Medians. Quartiles are in the data tables under each section.
| Line | Under $10M revenue (n = 20) | $10M - $40M revenue (n = 13) | $40M and above (n = 10) | All proprietary institutions (n = 43) |
|---|---|---|---|---|
| Revenue ($M) | $3.5Mn = 20 | $16.0Mn = 13 | $143.0Mn = 10 | $13.0Mn = 43 |
| Operating margin | 0.0%n = 20 | 10.0%n = 13 | 15.0%n = 10 | 6.5%n = 43 |
| Net income margin | 0.0%n = 19 | 13.0%n = 13 | 17.0%n = 10 | 8.5%n = 42 |
| Marketing and recruitment | 8.0%n = 18 | 6.0%n = 11 | 10.0%n = 9 | 8.5%n = 38 |
| Occupancy | 11.5%n = 20 | 8.0%n = 13 | 7.0%n = 10 | 9.0%n = 43 |
| Depreciation | 1.5%n = 20 | 1.0%n = 13 | 3.0%n = 10 | 2.0%n = 43 |
| Salaries and benefits | —†n = 5 | —†n = 8 | —†n = 5 | 43.0%n = 18 |
Salaries and benefits publish for the whole cohort only. Instruction and general and administrative expense depend on how a school presents salaries, so they are shown by convention in the salaries section rather than by band.
Show data tableCommon-size quartiles by revenue band
| Line | Under $10M revenue 25th | Under $10M revenue median | Under $10M revenue 75th | $10M - $40M revenue 25th | $10M - $40M revenue median | $10M - $40M revenue 75th | $40M and above 25th | $40M and above median | $40M and above 75th |
|---|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | $1.5M | $3.5M | $4.5M | $13.0M | $16.0M | $20.0M | $69.0M | $143.0M | $292.0M |
| Operating margin | -4.5% | 0.0% | 4.5% | 6.0% | 10.0% | 28.0% | 11.0% | 15.0% | 20.0% |
| Net income margin | -4.0% | 0.0% | 6.0% | 7.0% | 13.0% | 27.0% | 7.0% | 17.0% | 21.0% |
| Marketing and recruitment | 2.0% | 8.0% | 11.0% | Not published | 6.0% | 11.0% | 10.0% | 10.0% | 12.0% |
| Occupancy | 8.0% | 11.5% | 14.5% | 5.0% | 8.0% | 12.0% | 7.0% | 7.0% | 9.0% |
| Depreciation | 1.0% | 1.5% | 3.0% | 0.0% | 1.0% | 3.0% | 1.0% | 3.0% | 3.0% |
| Salaries and benefits | Not published | Not published | Not published | Not published | Not published | Not published | Not published | Not published | Not published |
— not published for this cell: fewer than 8 observations, under 60% of the band disclosing the line, or a comparability rule. Growth is shown by band in the Growth section.
What A Dollar Of Revenue Costs To Bring In The Door.
Marketing, advertising, admissions and student recruitment are captioned differently by every school, so we bucket them by function rather than by label. Across the 38 institutions that state the line, the median is 8.5% of revenue. By size the pattern is not a ladder: 8.0% under $10M, 6.0% in the middle band, and 10.0% above $40M. The schools with the most revenue are also the ones buying the most of it.
Median marketing and recruitment, % of revenue, by revenue band
Under $10M revenue
n = 18 · marketing, advertising and recruitment
$10M - $40M revenue
n = 11 · marketing, advertising and recruitment
$40M and above
n = 9 · marketing, advertising and recruitment
Show data tableMarketing and recruitment as a share of revenue, by revenue band
| Revenue band | Observations | 25th | Median | 75th |
|---|---|---|---|---|
| Under $10M revenue | 18 | 2.0% | 8.0% | 11.0% |
| $10M - $40M revenue | 11 | Not published | 6.0% | 11.0% |
| $40M and above | 9 | 10.0% | 10.0% | 12.0% |
Salaries And Benefits Run 43% Of Revenue Where Schools Show Them On Their Own Line.
Salaries, wages, benefits and payroll taxes are the largest cost a school carries. 18 of the 43 statements show them as their own line, and across those schools the median is 43.0% of revenue, with the middle half between 39.0% and 45.0%. The rest fold salaries into instruction and G&A, which is why this figure publishes for the whole cohort and not by band.
That presentation choice moves the lines around it. Instruction is 7.0% of revenue at the schools that show salaries separately and 31.5% at the schools that fold them in. G&A is 13.0% against 28.5%. Same cost, one presentation decision.
A benchmark that averages across both conventions describes no school that exists, so instruction and G&A publish only within a convention. The first thing we ask when you send your figures is which one your statement follows. Marketing and occupancy do not move with the convention.
| Line | Schools that state personnel cost separately (n = 18) | Schools that bundle personnel into instruction and G&A (n = 25) |
|---|---|---|
| Salaries and benefits, % of revenue | 43.0%39.0% – 45.0% | Not publishedNot published |
| Instruction, % of revenue | 7.0%5.0% – 13.0% | 31.5%29.5% – 41.0% |
| General and administrative, % of revenue | 13.0%10.0% – 22.0% | 28.5%23.0% – 35.5% |
Show data tableSalaries, instruction and G&A quartiles by salary convention
| Line | Schools that state personnel cost separately: 25th / median / 75th | Schools that bundle personnel into instruction and G&A: 25th / median / 75th |
|---|---|---|
| Salaries and benefits, % of revenue | 39.0% – 45.0% | Not published |
| Instruction, % of revenue | 5.0% – 13.0% | 29.5% – 41.0% |
| General and administrative, % of revenue | 10.0% – 22.0% | 23.0% – 35.5% |
Occupancy Falls With Size. Depreciation Does Not.
Occupancy runs 11.5% of revenue under $10M and 7.0% above $40M. Depreciation sits between 1.0% and 3.0% across the bands — the one line that does not fall with size.
Median occupancy, % of revenue, by revenue band
Under $10M revenue
n = 20 · occupancy over revenue
$10M - $40M revenue
n = 13 · occupancy over revenue
$40M and above
n = 10 · occupancy over revenue
| Line | Under $10M revenue | $10M - $40M revenue | $40M and above | All proprietary institutions |
|---|---|---|---|---|
| Occupancy, % of revenue | 11.5%n = 20 | 8.0%n = 13 | 7.0%n = 10 | 9.0%n = 43 |
| Depreciation, % of revenue | 1.5%n = 20 | 1.0%n = 13 | 3.0%n = 10 | 2.0%n = 43 |
Show data tableOccupancy and depreciation quartiles by revenue band
| Line | Under $10M revenue 25th | Under $10M revenue median | Under $10M revenue 75th | $10M - $40M revenue 25th | $10M - $40M revenue median | $10M - $40M revenue 75th | $40M and above 25th | $40M and above median | $40M and above 75th |
|---|---|---|---|---|---|---|---|---|---|
| Occupancy, % of revenue | 8.0% | 11.5% | 14.5% | 5.0% | 8.0% | 12.0% | 7.0% | 7.0% | 9.0% |
| Depreciation, % of revenue | 1.0% | 1.5% | 3.0% | 0.0% | 1.0% | 3.0% | 1.0% | 3.0% | 3.0% |
How The Lines Above Become The Score.
Every proprietary institution has a composite score, and it does its job: one number, 0.0 to 3.0, and 1.5 is the line. Across this cohort the median is 2.4, 30% sit at exactly 3.0, and 6 fall below 1.5. The score is built from three ratios. The primary reserve ratio carries 30%: adjusted equity over total expenses. The equity ratio carries 40%: modified equity over modified assets, a balance sheet figure. The net income ratio carries 30%: income before taxes over revenue, which usually sits close to the margins above.
| Ratio | Weight | Where it comes from on the statement |
|---|---|---|
| Primary reserve ratio | 30% | Adjusted equity over total expenses |
| Equity ratio | 40% | Modified equity over modified assets |
| Net income ratio | 30% | Income before taxes over revenue |
2.4
median composite score across the cohort
30%
sat at exactly 3.0, the maximum
6
scored below the 1.5 threshold
17
scored between 1.5 and 2.4
Show data tableComposite score quartiles by revenue band
| Revenue band | Observations | 25th | Median | 75th |
|---|---|---|---|---|
| Under $10M revenue | 20 | 1.5 | 2.1 | 2.8 |
| $10M - $40M revenue | 13 | 2.4 | 3.0 | 3.0 |
| $40M and above | 10 | 1.9 | 1.9 | 2.7 |
| All proprietary institutions | 43 | 1.8 | 2.4 | 3.0 |
Send Us Your Statement Figures.
The lines off your income statement and balance sheet are all our audit team needs. We place your cost structure against the schools in your revenue band, your salary convention and — where there are enough of them — your kind of school; show you where your marketing line and margin sit; compare your growth where you have a prior year; and compute your composite the way your auditor does. Then we walk you through all of it on a 30-minute call. We do not return any of this on a web page. No audit report needed, and no obligation to change auditors.